Tag: Crude Oil

Five Barrels of Crude Oil Discharged into Rivers Environs, Shell Reveals

15Aug

By Osaretin BalogbanNo Comments

Five Barrels of Crude Oil Discharged into Rivers Environs, Shell Reveals

The Shell Petroleum Development Company of Nigeria (SPDC) Limited revealed that five barrels of crude oil were discharged into environments of the Bodo community in Gokana Local Government Area, Rivers State. The National Oil Spill Detection and Response Agency (NOSDRA) Rivers State Ministry of Environment, SPDC, and the host community signed a Joint Investigation (JIV) report that disclosed the development. See Also: Reactions as Asa performs “Fire on The Mountain” at The Unveiling of NNPC LTD According to the report, Shell’s Trans Niger Pipeline discharged residue containing 98% water and 2% crude amounting to five barrels as the Trans Niger Pipeline was flushed. A representative of SPDC, Micheal Adande said the spill's impact was minimal as the Trans Niger Pipeline has ...

NNPC Fails To Account For 107 Million Barrels Of Crude, – Auditor General

The Office of the Auditor-General for the Federation has said the defunct Nigerian National Petroleum Corporation, now Nigerian National Petroleum Company Limited, has failed to account for about 107,239,436 barrels of crude oil lifted for domestic consumption in 2019. The office made the allegation in its 2019 audit report presently being considered by the Committees on Public Accounts at the Senate and House of Representatives.According to the report, about 22,929.84 litres of Premium Motor Spirit, also known as petrol, valued at N7.06bn and pumped to the two depots (Ibadan-Ilorin and Aba-Enugu) between June and July 2019 were not received by the depots. These are part of the issues raised by the office in the six audit queries issued against the NNPC.The report noted discrepanci...

Oil Prices Hit 8-month Peak Amid Vaccine Hopes

Global oil prices on Tuesday rose to the highest level since March, spiking above $47 per barrel (pb) amid hopes for a COVID-19 vaccine dispatch within weeks revived hopes for more fuel consumption. The international oil benchmark, Brent crude, gained more than 3 percent to climb to $47.82 pb, The Cable reports. WTI Crude last traded at $45 per barrel eight months ago, just before Saudi Arabia and Russia failed to reach an agreement on oil supply in the pandemic which led to an oil price war that resulted in price collapse along with low demand. The spike in oil prices has accompanied a slew of positive updates from pharmaceutical companies on their progress towards developing a COVID-19 vaccine. The University of Exford and AstraZeneca on Monday said that provisional trial dat...